Ethereum Classic is an open, decentralized, and permissionless public blockchain, that aims to fulfill the original promise of Ethereum, as a platform where smart contracts are free from third-party interference. ETC prioritizes trust-minimization, network security, and integrity. All network upgrades are non-contentious with the aim to fix critical issues or to add value with newly proposed features; never to create new tokens, or to bail out flawed smart contracts and their interest groups.
Author's Note: submitted by
Elastos was discussed in this group twice, albeit 7 and 9 months ago, respectively. To do the project justice my intention is to give existing and new CryptoMoonShots group followers an update as the overall market has changed considerably and to factor in project-specific developments following the two mentions of Elastos here.
Definitions: Content Creators and/or Developers
: Individuals and enterprises that generate, design, and create digital assets. Digital Capital
: An individuals videos, photos, written text, written or spoken ideas, music, time, and attention Big Tech
: Companies like Alphabet, Facebook, Apple, Microsoft, Amazon, Twitter to name a few.
The design philosophy of Elastos originated from Rong Chen, a former senior software engineer at Microsoft. Building on his experience at Microsoft, Chen wanted to create a platform in which applications and services are not allowed to access the Internet directly. Without access to the network, malware would not be able to steal user data or attack other services on the Internet. Chen’s vision was subsequently developed into an open-source, lightweight operating system for virtual machines (github.com/Elastos). In 2017, blockchain technology was integrated into Chen’s vision, enabling development of the Elastos Smart Web.
The project is focused on developing a decentralized internet platform where digital assets are owned, distributed, and monetized by Content Creators and/or Developers that own it. To understand this, it is imperative to understand the current internet model (Internet 2.0). Big tech currently owns the internet and everything in it: your videos, your photos, your written text, your ideas, your music, your time, your attention - and the most important in this context - the means of distribution - let's call this Digital Capital. In the current model, Content Creators and/or Developers are forced to distribute their capital through channels owned by Big Tech, which rob creators of their rights and profits.
Elastos is building the boundlessly scalable platform where digital capital can be published, distributed, and monetized by creators while allowing creators and developers to retain their rights. This platform will allow for decentralized applications (Dapps) to operate on a peer-to-peer network with no centralized control. Consumers can access these Dapps via their mobile phones without changing their operating system. The old Internet is a Web of information. If you click a URL, you get data. Elastos is creating a Web of apps. When you click a URL, you get code. The Elastos Web will be a special economic zone where Elastos tokens function as the base currency.
The project is open-source software whose development process has been sponsored by industry giants such as the Tsinghua Science Park
, the TD-SCDMA Industrial Alliance
and the Foxconn Group
for more than 200 million RMB. The project has published more than ten million lines of source code, including four million lines of original source code. The Elastos blockchain utilizes merged mining with Bitcoin, the process by which consensus is reached on both chains simultaneously. In this case, the Bitcoin blockchain works as the parent blockchain to Elastos, with the Elastos chain as its auxiliary blockchain. The mining pools will deploy merged mining code and miners will submit proof of work to both blockchains at the same time. Energy consumption does not increase with merged mining, and will be equal to the energy consumed for mining either alone. Through this mechanism, the Elastos blockchain has an extremely strong guarantee of computing power and will then be able to provide blockchain innovations at a global scale. It makes full use of existing Bitcoin computing resources in addition to being environmentally friendly.
Elastos SPV Wallet
Elastos provides an SPV Wallet SDK equipped with a series of wallet-related interfaces to enable users to develop unique wallets that connect to the Elastos blockchain. Sample applications are available now. Elastos Blockchain Merged Mining
Elastos’ main public blockchain is merged mined with bitcoin, which enables pre-existing bitcoin miners to update their clients to simultaneously mine Elastos without expending excess energy. The merged mining is currently open only to the BTC.com mining pool. Elastos DID Sidechain Service
Elastos provides a Decentralized ID (DID) Sidechain Service to be used in applications. On the Elastos ecosystem, every user, every device and every app has its own DID and can store any value that is associated with that ID on this sidechain. The DID service paves the way for a more secure and trustable internet, as this allows for seamless interoperability between DApps and IDs are assigned to users from the blockchain rather than having them assigned by a company. Elastos TV Box
Although Elastos does not sell the TV Box directly, the Elastos Carrier is embedded inside. The Elastos TV Box is presently used for simple features such as remote control in a decentralized peer to peer fashion. In the future, these TV Boxes and many other IoT devices that have Elastos Carrier installed will be capable of running as IPFS nodes for supporting the distributed file storage network for the Elastos ecosystem. Elastos Dittobox
Any individual can establish a unique dittobox server on a personal computer that integrates ownCloud server and Elastos Carrier. The dittobox server can be installed onto a computer behind the router, and all files stored on the server are accessible from anywhere in the world via the Elastos Carrier network.
Beta Products Elastos Blockchain PoW + DPoS
Elastos main blockchain will employ a hybrid consensus of PoW + DPoS where the PoW is merged mined with bitcoin and both are used to package blocks while the DPoS nodes are used for signing. This creates a finality in the blocks which will prevent the chain from forking. Elastos Token Sidechain Service
Elastos DApps utilize this service to generate application-specific native tokens within the Elastos ecosystem. As such, each application can create its own token on demand, and without friction. Elastos Smart Contract Sidechain Service
Elastos provides a unique sidechain service that is designated to running and executing smart contracts. These smart contracts are compatible with ERC20 and ERC721 tokens, which enables Ethereum DApps to run smoothly within the Elastos ecosystem. Elastos Hive
Elastos will provide a distributed storage system that apps can utilize to store files, messages in a p2p chat, videos, music, and more. Elastos Elapay
Elapay is a payment tool that enables payment with ELA. Two types of payments will be supported. The first is “Pay On Order,” which encompasses standard commercial purchases, and will require merchants to integrate Elapay service into their web apps in order to offer users this payment option alongside the likes of credit card and cash payments. The second is “Point to Point Pay,” which involves individuals exchanging funds between themselves. “Point to Point Pay” uses an html5 page that can be shared on social media outlets such as Facebook or Wechat to send or receive ELA. Elapay can be expended for a variety of purposes – from purchasing a virtual asset in an online video game to standard online shopping expenditures. It simply represents another method of paying for goods and services at checkout.
Alpha Products Elastos Trinity
A cross-platform browser application that runs on Android and will be available for iOS in the future. This is a form of the Elastos virtual machine and a demo of Elastos Runtime where decentralized applications written for Elastos run in a secure sandboxed environment. These are Ionic framework applications. Also, the SPV wallet functionality and the payment functions will be embedded inside the browser so that other DApps that run on Trinity can easily integrate with the available features. Elastos Carrier SDK
Elastos Carrier provides SDK for Android (Java), iOS (Swift/Objective C), and nodeJS that can be utilized to connect to the decentralized peer to peer network that takes over all of the network traffic on the Elastos ecosystem, such as messaging, file transfer, and more.
On January 16, 2019 the Intelligent Grouping and Resource Sharing (IGRS) board issued Elastos a formal membership certificate, thus making official its entrance into the IGRS Industry Association. In conjunction with Association members, Elastos will explore the opportunities and potential synergies presented by blockchain and IoT, in the joint hopes of creating a robust IoT industry ecosystem.
Recently an ecosystem partner meetup revealed 900k TV Boxes sold and 180k registered DIDs via our partner app Viewchain. The Elephant Wallet also hit the Apple App Store and Google Play.
In June, 2018 Elastos partnered with ioeX, an internet of things platform that was much anticipated. The ioeX project is a behemoth on its own and is built on the Elastos platform.
**There are countless other exciting milestones that were achieved in 2018 and planned for 2019. Refer to https://news.elastos.org/.*\
Market Sizing, Factors, and ELA's Potential
In the current market, Elastos' market cap of fluctuates between $31 million
and $35 million
ELA coins in circulation ($2.1 to $2.3 per ELA) and total coin supply of 34,104,561
ELA is currently listed on LBANK, CoinEgg, Huobi, HBUS, Kucoin, BCEX, and BIT-Z, the majority of which are low volume exchanges.
Binance Exchange controversy: Although various sources say different things, the evidence points to one plausible story: The Elastos foundation refused to pay Binance's listing fee and backed out of the listing the coin. Binance followed suit by tarnishing the project reputation using various media.
Based on the projects scope, the team's background and leadership, the project's backers, affiliations, and partnerships, and projects with similar mandates the project has the potential to be worth close to $500 million (15x) in the short term (less than 12 months) and several billion over the longer term (1 to 2 years).
The largest barrier to achieving it's objectives is adoption by developers. The chicken or the egg dilemma is that some argue listing ELA on major exchanges will incentivize developers to build on the platform because the coins value will appreciate others ague that the underlying technology must far outperform the incumbent to incentivize migration and hence drive the coins value. It's probably a combination of the two.
I would love to hear your thoughts and opinions on this assessment.
These days, all my friends are very anxious. I heard that they stay up till 3am working on the blockchain, sending ICOs, talking about things like “if it rises or falls within the range of 50%, it’s called a stable sideways move”, and “the profit rate will at least be 100 times”. They also talk about the next-generation Internet, the greatest technology revolution since the Industrial Revolution. So, how does this decentralized blockchain influence our life?
Before we talk about the challenge of decentralization, we have to figure out why the challenge of decentralization exists.
Things after a long period of division, tend to unite; after a long period of union, tend to divide.
It is believed in China that “domains under heaven, after a long period of division, tend to unite; after a long period of union, tend to divide.” This rule applies not only to history, but also to the development of the Internet industry.
In the past, the Internet was only used to make phone calls and was monopolized by one or two large companies. This was because of the circuit switching technology back then. If we look back to even earlier age, we’ll find that people had to use manual wiring. Such low level of technology determines that the network at that time can only be centralized.
But the improvement of technology always leads to the new round of decentralization. The invention of the TCP/IP protocol gave an impetus to the arrival of the Internet era. As packet switching took the place of circuit switching, information could get around freely. Under such circumstances, it was simply impossible for one single company to monopolize the the resources of the entire network. It brought us the era of decentralization. Many portal sites and personal blogs came into being, and everyday there were newborn projects plunging into the great tide of the times.
This state of decentralization lasted for a while, then new problems appeared — information was difficult to search
Driven by this demand, search engines and super APPs became the new centers of the whole system. However, based on the data and portals that they had, these apps could collect more data. This is how centralization got to the era of cloud computing and big data.
Just as the time when TCP/IP made the world decentralized. Today, the new technology of blockchain has once again led the world to an era when centralization gives its way to decentralization.
Blockchain, Value Network and Consensus
Many years ago, I had thought, “Why can’t I just put my money into a file folder, in which each file represents a certain value, and when I send someone else a file, I simply transfer my money to him?” It is a pity that this idea could not be achieved by traditional Internet. The traditional Internet is a net of information and can only transmit the copies of those information. However, value, is not easy to transmit. But the birth of blockchain has totally changed the game and made it possible for value to be transferred, just as information is transmitted. This is the magic and charm of blockchain.
Transactions on the blockchain can only be generated by the user’s private key, and once they are recorded by the blockchain, they are impossibly to be changed. Based on the consensus of certain mathematical principles, people can trade with everyone without trusting them. Where there is consensus, there is possibility of cooperation.
All the wars and tragedies in human history are nothing but the result of the failed consensus. After the financial tsunami in 2008, almost at the same time, two people thought of a solution to all trust problems in the world.
l A Chinese and a Japanese
l Ge You and his invention, the conflict resolution terminal
l Satoshi Nakamoto and his invention, blockchain
I have explained to others what blockchain is for a million times —
- It’s a distributive ledger.
- It’s a decentralized application.
- It’s a consensus platform.
- It’s cryptocurrency
- It’s token economy.
I was totally enjoying my explanation, and the listeners were always like “What on earth are you talking about? Can you stop speaking Greek?”
Let’s watch an interesting video first. it’s called “Ge You and his conflict resolution terminal”. After that I’ll explain what blockchain actually is.
Ge You is a famous Chinese comedian actor, and I mention him here just for fun. In this movie, his conflict resolution terminal only has two nodes, and simply by this, he defrauds another man to bankruptcy. We can just give it a laugh.
We can understand blockchain in this way: it is a conflict resolution terminal that countless people can participate at the same time. It can seal all the transaction contracts collectively, and no sealed participants can withdraw their transactions. One particular feature about the seal is that it’s a very complex paging seal, so that no one can change the data in it.
Using his knowledge in cryptography and POW algorithm, Nakamoto really implemented such a conflict resolution terminal. The world’s top scientists and mathematicians have verified the solidity of this theory, and after nearly ten years of running tests, nothing wrong has ever happened. And its value has increased by millions of times.
Well, I also admire Mr.Ge and his efforts for world peace.
The challenge brought by decentralization
OK I’ll skip the chitchat and go back today’s theme, the challenge of decentralization.
The challenge of technology development
Change is the only constant in life. Technology is updated and renewed everyday, and so is the technology of decentralization.
Because of its trustworthiness by nature, many systems that requires an intermediary to increase credibility are strongly impacted, such as banks, insurance industry, and lottery industry. Beside that, due to decentralization and anonymity, decentralization will impact existing industry rules in many gray dark-web trades or in the field where the law is lagging.
From the perspective of security, any problems caused by the high centralization can have great social consequences.These days, Facebook is facing a 2-trillion-dollar fine for its data breach, which is a wake-up call for everyone. As for China, let’s just imagine how our life will be impacted if Tencent or Alibaba or any other Internet industry giants go wrong.
With the commercialization of 5G technology and the explosive growth of IOT devices, the Internet traffic has shown an exponential increase. The asynchronous growth of the terminal devices and the server is a bottleneck that all centralized processing systems will eventually face.
The challenge of awareness.
We can catch up when our technology is left behind, but we will forever be stuck in the past if our mind is left behind.
Many of us have a belief that the society in which we are living, was, should be, and always will be what it is now. It’s not true.
The money you are using is not actually your own money.
The money we use today has not always been the same. In fact, it is only a few decades old. Before the Bretton Woods system collapsed, it required equivalent value of gold as the credit guarantee to issue currency. And nowadays, we always see news like the following:
1）The U.S. national debt has exceeded 20 trillion U.S dollars. 2）Xiong’an New Area received 100 billion yuan of credit. 3）China Merchants Bank grants 4 billion yuan of credit to Anbang Insurance Group
4）Anbang Insurance Group granted 10 billion yuan of credit to Guangyuan
If you can understand that national debt and credit are the same as direct currency printing, you can understand that the money you use is actually not your own money.
Blockchain is a bubble. So is the very essence of currency itself.
The reason why the release of TOKEN is so popular is that people for the first time actually realize that the essence of currency is credit. Credit, however can be created by media packaging and celebrity platform. And TOKEN is human’s first try to issue currency by blockchain. In the past, it took real guts to do such things. People who can understand it, will be zealous for it. People who don’t, call it fraud.
Companies, have not always been like their current form. Actually, in the future, they might even disappear.
Economic rules tell us that the transaction cost is the reason why company exists. A company will eventually grow to a state in which the company’s transaction costs and management costs are in balance. After that, the expansion of the company will lead to the increase in management costs. However, in the future blockchain world, the transaction of costs will inevitably converge to zero. Can companies still find their reasons to exist at that time? It’s not a long time since the first company came into being. So I would like to say that, the demise of the form of companies will not be far in the future.
In terms of market value, bitcoin market value is over $190 billion, exceeding Goldman Sachs and Morgan Stanley, as well as Boeing.
In terms of trading volume, some bitcoin companies such as Binance, OKEX and Huobi have almost reached the scale of the China A shares.
And here comes DAO, Distributed Autonomous Organization. In the future, more and more companies will be community-oriented on the base of blockchain. Also, there will be more start-up companies choosing to finance by blockchain and operate as a community directly.
Different people will have different feelings and understandings even when watching the same TV series. I watched a Chinese TV series called “Nothing Gold Can Stay”. It led me to think that, in the era of emerging capitalism, how greatly the traditional family business was impacted by the new production relations of the companies. The protagonist Zhou Ying, richest women in her province, failed not because she did not do well, but because the backward production methods dragged her down to the inevitable tragedy. Similarly, in the future, it’s not because that you are not good enough, nor your company is not good enough, but because more and more companies change their patterns and choose a decentralized and community-based mode.
Challenge of the society
The law always lags. Code is the (new) law.
The laws in almost in every country stipulate that users’ data on the Internet only belongs to the users themselves. Companies like Huawei and WeChat also claim that the data belongs to the users. But they know clearly that the data belongs to whoever has access to it.
Facebook, as well, claims that they will protect the user’s data. However, things turns out that they sell the data to whoever pay them.
All software has user authorization and agreement terms, but who will actually read it? What’s the point of reading? Since the law is merely a useless ceremony thing.
There are hundreds of laws about company governance and financing, but how does it do with decentralized communities?
The law stipulates that whoever commits a fraud over a certain amount of money will be put into jail. But in reality, there are people who just defraud billions of dollars by using the blockchain, and the law can do nothing about it.
The country is also a form of relation of production
Chinese students have learned about the relations of production since primary school. I’m not very good at it, so I won’t dig too deep.
Today, we are living in a centralized society, working in a centralized company, getting paid with the temporary coinage issued by the centralized system and imagining the challenges that decentralization will bring to our lives. Of course, our biggest goal is to make a better and fairer society by blockchain, where everyone will have more new opportunities.
In the end, I’d like to end up my speaking with a song. It’s called “ Song of Blockchain”. Hope you enjoy it.
— — — — — — — — End — — — — — — — — —
Blockchain technology and applications expert, one of Bitcoin’s first miners, founding developer of the Hero mobile cross-platform framework, president of the Hero Council. Formerly @ Wind, The9, and Dianrong, where he was heavily involved in the development of Dianrong’s blockchain applications.
Previously spent many years developing the Hero framework and blockchain applications. In 2017, meshed the two together to create Hero Node, aimed at making distributed applications easy to develop for everyone. Staunch believer in a better future with distributed applications.
In an open world, Hero Node welcomes any and all feedback. Especially helpful feedback will be rewarded!
Talk to us: Email: [email protected]
Twitter: Hero Node
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